It’s the First Time You’ve Ever Felt Sorry for an Auto Dealer

Automakers GM and Chrysler were pressured to quickly close hundreds of dealerships by the Treasury department without regard for the job losses that would result, according to a government watchdog report out Sunday.

Treasury was charged with helping the car companies out of bankruptcy through the Troubled Asset Relief Program. Together they’ve received over $80 billion in government funding.

“Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses … potentially adding tens of thousands of workers to the already lengthy unemployment rolls,” said the report, released by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Neil Barofsky.

If only there were some kind of orderly, legal means for fixing broken corporations, rather than ham-fisted political wrangling.

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1.
Steve Ducharme

It’s caled a law (not theory, not idea) of unintended consequences. A good lesson for them would be like what’s going to happen to a lot of them in the next election cycle. That should bring it home a little. Idiots.